My mom passed away earlier this year. Her assets were in a trust. They were distributed to 5 heirs after about 9 months. I believe there is a tax form that each person must fill out declaring their portion of the interest earned on the assets in the trust from the time of her death to the time it was distributed. Does anyone know the form number? I searched irs site to no avail. tia
In Canada and Quebec, we use the trust's tax return to handle that. You have not indicated the jurisdiction you are in but I suspect you are in the US. Check your trust tax return.
Just thought, perhaps you are referring to a TX19 or MR-14.A which are Clearance Certificate Application forms instead of the T3 or TP646 Tax Returns.
The income is reported by the trustee (or executor) on form
1041 (Income Tax Return for Estates and Trusts). He/she will prepare and disburse K-1 forms to each beneficiary, outlining the type of income and whether it is taxable or not. The beneficiary will use this data to enter the income on their 1040 form, under the appropriate form or line number. Schedule E will also be required to notify the IRS that such income distribution has been received from the trust/estate.
The trustee of the trust needs to go the their CPA and have them prepare the trust income tax return, form 1041 and the K1's which get distributed to the beneficiaries. It would probably be a good idea for the trustee of this trust to communicate with the executor of your mother's estate. ___________________________________
-----> real address on hobokeni or hobokenx
I'm sorry for your loss. The trust series begins with 1041, so you want to go to
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